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captioning sponsored by wpbt >> tom: bernanke's blueprint, the federal reserve chairman outlines plans to pull back the trillions of dollars the central bank has used to prop up the economy. >> suzanne: the exit strategy includes eventually removing cash from the financial system, then raising interest rates. you're watching "nightly business report" for wednesday, february 10. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> tom: good evening, everyone. a huge winter storm closed the federal government again today. that didn't stop federal reserve chairman ben bernanke from making news. >> the weather postponed the hearing. >> tom: the central bank oh could take to prop up the economy. erika miller has the details. >> reporter: investors did not hear the fed chairman's testimony today, but they still could read it. all 3,496 words. economists say the most important sentence is here, on page ten. "the federal re
with thousands of flights grounded as we speak. >>> fed chairman, ben bernanke laying the groundwork on the central bank's exit strategy for the economic rescue efforts. we've got details of what mr. bernanke said today coming up. >>> but first here's a look at how we finished the day on wall street. the dow jones industrial average under water today. down 21 points on the dow at 10038. under a billion shares traded here on the nyse, as people stayed home, instead of embracing the heavy travel and heavy snow. s&p 500 down 2.5%. quarter of a percent lower at 106 and the nasdaq composite gave up three points and technology one of the winners on the session as was financial services. we get all of the action right now from bertha coombs our floor on the nyse. >> reporter: hey, maria, all things considered it's not a very bad day on the close, even though we closed to the downside. the real factors that kept people hessittant today, the snow of course. that kept volumes lower, but also the uncertainty about where we're headed with greece. this morning, as you take a look at the intraday
call." i am trish regan and we are 09 minutes into today's trading. market lower amid ben bernanke's comments and we'll talk about the fed's exit strategy and what it means for your money right now. hey there, larry. >> hey, trish. i'm larry kudlow, conflicting reports on whether there's a european plan to bail out greece. we'll have a live report from brussels and we'll discuss what needs to be done right here. good morning, melissa. >> as toyota's problems mount we ask are cars just too overengineered and sophisticated computers doing more harm than good. this is "the call" on cnbc. >>> it looked like it was going to be a positive day on this snowy morning in new york city as traders remained optimistic that there would be a bailout for greece, but then germany said there was no imminent plan and the rallies stalled and after ben bernanke announced the fed's exit strategy. take a look at how the s&p 500 is trading. it is down seven points on the day and it's two-thirds of a percentage point. take a look at the dow, it's down 59, almost 60 points and that's 0.1% and sitting below
, will they or won't they? the bailout chatter for greece intensifies. >> and here in the united states, ben bernanke will set out the fed's exit plan today but will likely make jobs clear, we'll still be in the car for some time to come. >> and welcome to "worldwide exchange." i'm christine tan in singapore where it's 5:00 p.m. in the city. let's get a view of where the asian markets have closed today. a lot of hopes pengd on the european union. they might come up with a plan to bail out greece. the nikkei 225 is up marginally. toyota continues to be focused. that stock climbing despite anal announcement that it's recalling another set of cars. the shanghai market up more than 1%. a lot of positive comments out in the country about strong import data and export data and that's helping to lift sentiment in china. the kos pit is moving up flat. people and investors are staying on the sidelines. the bombay sensex is trading down 0.5% and the aussie market is pretty much flat, up 0.2%. the ftse cnbc global 300 up 8 points, 4,243. ross, good to see you. >> hey, christine. we're very much focused on the w
not agreed to anything yet. >> and ben bernanke will be releasing his ideas on how the fed is going to pull back from its current role of propping up the economy in every way, shape, and form. we're going to have that live at 10:00. i know his comments are coming out, mark. i'm not sure if he's actually going to physically be there because you know in washington it's a little snow. what are they going to do? >> i think they now have a total of 50, five zero, inches on the ground. >> yeah, yeah. >> we also have big snow issues in new york, baltimore, philadelphia, airports closed, schools closed. it's a real mess. this is a live picture. >> wow. >> well, it was a live picture of reagan national airport. it is empty. >> that's amazing. it really is. mark, you know i remember when there was a forecast of snow things would be shut down and called off and to your point pretty incredible what has been going on there. snowmageddon. that's an amazing picture, live. no one at the airport. >>> the futures right now are plus 0.70 on the s&ps. we needed 1.42 to get to fair value. so it's very close to
. bernanke's testimony was released this morning. on outlining an exit plan, the market pretty much took a slide. a lot of things that told about -- heard about. the 10-year auction did not go too well. rick santelli will have more on that, partly because of the low volume, because of the storm. as the storm's intensified here in the northeast i know that traders are concerned about getting home and we've seen volumes get lower. financials have been the standout all day and really moved us into positive territory midday. jpmorgan, bank of america very strong. and strong that perhaps metlife set to buy its alcoa unit. energy and materials have gone back and forth as the dollar has gone back and forth. dollar lost ground midday. we saw them gained and now they're losing again as the dollar is stronger got and also got disappointing outlooks from lothan mentel. the super markets, maybe one of the benefactors to watch as far as the storms. their stocks today are doing pretty well. a friend of mine sent me picture it is from washington area super market chains there, calling them, so be it, s
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
, a guy who's equivalent of ben bernanke he hurried back. the moment he booked that ticket the hedge funds figured he was going to solve the crisis and that's when they started rallying. y yun -- can you believe it? you just need to find out who his travel agent is and book your trade accordingly. if we knew he's on the case, we're less concerned about a collapse in europe and we recognize that he isn't about to cut off the stimulus that's so crucial to getting europe which has the worst economies in the world going in the right direction. if the stock market stimulus thing is still with us, then we're not going to slink back into a worldwide slowdown. trichet's travel interruption was so powerful it was able to do something i have not seen happen since the year began, maybe even earlier, and that is the stock market did not go down when the baron chief president obama spoke on tv. way to go, trichet. now, i know about zorba the greek than greek bonds. i get the gist of trichet's move -- memo to trichet on his travel plans, make sure they're never on a sunday because the markets aren't ope
much, sharon. we're not getting as much volatility today as yesterday although ben bernanke's tax did get a little movement. if you look at two-year yield it's slightly elevated and you look at the curve it's know changed. there's a potential for an exit strategy as depicted by that text. if you look at the next chart, indeed the euro versus the dollar has been mostly down, but it is bouncing back a bit especially in the last hour or so, keeping up with the headlines and some of those headlines, hey, the checks didn't have a good day and they sold an additional 150 million u.s. equivalent of their 15 year. they wanted to sell more, but portugal had better luck selling u.s. equipment of the 4 billion of ten-year note and let's hop across the pond and rebecca me ham. >> let's take a check of what's happening in europe and it's all about greece. no surprise there and we check on the fotse, the cac and the dax. 2.4% higher for greek eiquities today. we know we've had the european finance chiefsi having a conference call today. the ecb governing body is having a call tonight and tomorrow a
the height of the economic crisis. ben bernanke was expected to testify but the hearing was canceled because of the snow. bernanke says the fed will likely raise it is interest rate it pays banks. raise the rate but analysts say that could hurt folks looking for consumer loans because banks have incentive to sit on their money rather than lend. this is the cycle and we're gob to move forward. bernanke says the move is months away and claims it's best for the fed to recoup the money it loaned out. you may wonder why would the federal reserve do something to make it more difficult to get loans? at the same time, the obama administration wants banks to extend loans to small business to say they can hire more workers. it's a central component of the job creation plan. major garrett has more. how can each happen at the same time, as if i didn't know? >> i've talked to senior administration officials and of course the federal reserve is an independent agency, the white house and treasury department don't like to talk about the policy but the federal reserve and government are more interlinked sinc
a big eye there. let's get a check on wall street where fed chairman ben bernanke is making investments nervous. sfoks are down after bernanke outlined the ways fed can pull back on the $1 trillion being used to prop up the economy. today's house financial services commity hearing was postponed because of the snow in d.c. the fed decided to release bernanke's prepared remarks anyway. so we are going the keep our eye on how the markets respond there throughout the day. you can see as we stand still above the 10,000 mark but down 37 points on the day. stocks are low on fears any move by the fed to pull out money from the financial system could hurt the recovery. >>> the sex scandal surrounding john edwards is back in the news. today's the deadline for former aide to turn over an alleged sex tape. senior investigative correspondent lisa myers joins me now. has he done it yet? is the plan that he will turn it over during a court hearing? >> well, as of a couple of hours ago the tape was in the sheriff's office in north carolina. and was going to be delivered to the court around 2:00 today w
news from ben bernanke, who gave testimony to nobody because of the snow. testimony which said he isn't going to tighten until the economy gets better, bizarrely. those comments initially send the market down hard. it made me think, what does the market say, what is wall street saying to him. they wanted to say, i'm going to plug the market with money even if things get good. would they have preferred them to tell us all is well, and i'm tightening right now? thankfully bernanke continues to do the right thing. i'm calling him the grown-up in chief. finally, i think we're going to see a real stimulus package coming out of congress. a bipartisan effort that will produce real jobs that use real equipment and fix real infrastructure. are you listening my friend? that's big news. it signals that the administration may be able to walk, chew gum and botch health care reform all at the same time. the bottom line, we slip through obama and china today. maybe this is the beginning of something big that will permanently sideline our two least favorite sea monsters. or maybe it's just a breather
efforts by raising interest rates. chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise
for interest rates in. the federal reserve will release a statement today outlining chairman ben bernanke's strategy for eventually raising rates from historic lows. the fed faces a delicate balancing act. are a rates too quickly and choke off the modest recovery. wait too long and spark inflation. no matter what the fed says it's months away from making changes. >>> the man who helped engineer the financial bailout says taxpayers will recover neve spent. henry paulsen open was interviewed by warren buffett. both agreed the government may turn a profit from the bailout. another reminder of just how tough the rob jacket is right now. the numbers show there were just under six unemployed people for every job opening and the problem may get worse before it gets better. a separate survey finds more small companies plan to cut workers rather than add them. add the camry to the list of toyotas experiencing brake problems. the automaker is recalling about 7300, 2010 camries because of a possible fluid leak that increases stopping distances. this came after toyota announced it's recalling half a
uptick in global trade activity. fed chairman ben bernanke beginning to lay out a strategy for weaning the economy off the stimulus plan. the time for such steps has not yet arrived. a surprise dip in mortgage applications as rates on 30-year loans fell to their lowest since debs and wall street looking at a bailout for debt burdenened greece. now back to "hardball." >>> welcome back to "hardball." the headline in the "washington post"/abc poll. good news for republicans. bad news for the democrats. it reads on major issues republicans gain ground on president obama. what do both parties make about the shifting ground? steve mcmahon a democratic strategist, todd harris a republican strategist. if you are a democrat these are big, bad numbers. in february of this year, the democrats were trusted by 56% of the people. which party do you trust to do the better job coping the the main challenges. the white side is a year ago. the democrats were big on the trust issue, unemployment, health care, foreign policy. look at the numbers 43 to 37. the democrats only a little bit ahead. six points
. federal reserve chairman ben bernanke says the fed will likely begin tightening credit by raising the interest rate it pays to banks on money they have deposited at the central bank. that would lead to higher interest rates for consumers and businesses eventually. wall street did not like that news. the dow lost 20.26. the s&p 500 gave back 2.3. and the nasdaq dropped 3 points. there are calls for the head of the president's top counter terrorism advisor in the wake of the christmas day bombing plot. we will get some thoughts on all of the back and forth from the fox all stars after the break. all across america there are health mart towns, with health mart pharmacies that are locally owned, with pharmacists who are part of their communities. providing a unique combination of clinical expertise and personal attention. no wonder health mart has been ranked highest in customer satisfaction by jd power and associates. see if you live in a health mart town at healthmart.com we created our college of business and management... after collaborating with business leaders. we wanted our cu
reserve chairman ben bernanke. he will never be testifying today. this office will release is written testimony. that hearing has done been rescheduled debt. the treasury secretary has also been postponed. he was scheduled to testify on the fiscal year 2011 budget for the obama administration. a huge rebound yesterday as the european union will bail out of greece. one company rose over 6%. this is bloomberg news reporter for wbal tv. >> another check on weather and traffic straight ahead. >> we are still taking your answers to our watercooler question of the day. how do you plan on riding out the latest round of winter weather? email us your response to watercooler@wbaltv.com. >> here are the numbers from la. numbers from la. 15% or more on car insurance? host: did the waltons take way too long to say goodnight? mom: g'night john boy. g'night mary ellen. mary ellen: g'night mama. g'night erin. elizabeth: g'night john boy. jim bob: g'night grandpa. elizabeth: g'night ben. jim bob:'night. elizabeth: g'night jim bob. jim bob: g'night everybody, grandpa: g'night everybody. jim bob: g'nigh
corps which western intelligence believes is peterheading iran's missile program. ben bernanke is outlining the central bank's plan for reeling in stimulus money once the economic recovery is more firmly rooted. the a p rights in prepared remarks to the house committee mr. burning pieces the fed will start tightening credit by boosting the interest rate it pays banks at the central bank. to an in to booktv for a three day president's day weekend beginning saturday. others inform treasury secretary henry paulson talking with warren buffett on the 2008 economic collapse. afterwards, historian and pulitzer prize winner gary wills on how the atomic bomb change the presidency and the role of the u.s. in the world. all day monday, books on american presidents. fdr, as seen on president obama and our culture on ronald reagan. for the complete schedule go to booktv.org. . it is a little under two hours. >> meeting come to order. mahatghghandi, every worthwhile accomplishment has stages drudgery and triumph. in beginning struggle and victory. the effort to add comprehensive health care
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
bernanke scheduled to testify before a house committee today. but this was all about unwinding the fed's $2.2 trillion emergency liquidity programs. the hearing has been postponed but his prepared testimony will be released at the top of the hour. several economic reports also being delayed today. on wall street expect light trading volume as folks focus more on the snow and less on stocks. despite all that, the dow is expected to continue to rise after yesterday's 150-point gain. investors are hopeful thedisney network rebounded but the theme parks continue to struggle. same for the movie studios. >>> google launching a new social networking service called the google buzz. it will allow users to post photos and links to their websites. yahoo! an microsoft claim they've been running similar services for years. >>> early numbers here, looks like we're down but just ever so barely. off 12 points. 10,046. still above 10,000. nasdaq off fractionally at this time as well. >>> finally, one more note. southwest airlines has slashed its ticket prices until tomorrow. the carrier is selling one-way t
them like you hate a root canal. that means ben bernanke, you guys were the dentists. how does that make you feel the thing that everyone hates sts thing you had to do. >> i felt like i was having a root canal without anesthesia at the same time. there's a scene in my book "on the brink." and this was a day or two before we were going to need to step in and rescue citigroup. what really hit me was that i was forever going to be associated with these bailouts and the treasury secretary that did these interventions. then i said, that will be the good news. the bad news will be if we can't cobble together something that works for citigroup and it goes down, i'll be one who presides over another great depression. >> remember it was fanny and fred die and city citigroup and a whole host of other banks, ways to try to fix this without public intervention. he talks about the realization he was going to be forever knowns the guy behind the bailouts and how shocking it was. it came to him walking through the reagan library working through the citigroup stuff, the temple of free market t
. host: a couple other items, business section of "new york times," that ben bernanke has survived a challenge to his second term as chairman, and faces the delicate task of beginning to pull the central bank out of its extraordinary situation. guest: the economy through the fall of 2008 and through last year, in an effort to help banks and credit markets and to prevent the financial system from imploding. they did that by lower the interest rates, and now they have to pull that back. they have to pull the federal reserves investments in the economy back. and they have to do that carefully because they don't want to cause problems in doing so, which is something that could happen. it will be delicate. markets are watching when this will happen. if he doesn't do it right, you will see plunges in stock values. host: what is the update? guest: last week senate dodd announced he was at an impasse with senator shelby, and it's not a good sign. there are some republicans who said they were committed to get a bill. one thing to watch is bob corker, a new senator from tennessee, he's worki
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
Search Results 0 to 22 of about 23